Global stainless steel production to grow to 54 million tons in 2021: Beroe Inc.
August 21, 2021
With the effect of Covid-19 pandemic gradually waving away from markets, demand is expected to reach pre-pandemic times. The global stainless steel market production is expected to grow to 54 million tons in 2021 with an improvement in economic activity and stainless steelmaking capacity in parallel, especially in Indonesia that’s forecast to have a greater output than many developed nations.
Stainless steel market trends suggest how supply remained constricted in 2020 owing to a lack of demand. Since not many people will be inclined to travel, the demand for consumer goods is likely to rise. Steel distributors and suppliers believe that the demand for luxury items like appliances and automobiles will be on the rise, thus, prompting production in the global stainless steel industry and consequent supply of the metal. However, the supply-demand gap of stainless steel would widen in 2021 owing to factors like high alloy surcharges along with a tightened supply of the metal.